Billionaire investor Ken Fisher joined the FOX Business Network to explain that this is a well-founded concern; returns have in fact historically been determined by the outcome of elections.

“If you look at the history of presidential election returns and inaugural year returns—and there’s only very few exceptions to this—in the year where we elect a Republican, election year returns are above average and inaugural year returns are below average, but in reverse when we elect a Democrat... Election year returns are below average and inaugural year returns are above average,” he said.

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Fisher went on to explain why he thinks this pattern exists, and why this election year could be an exception to the rule.

“I think that’s because we think the Republicans—pro-market, pro-growth, pro-this, pro-that— and then we find out later that he’s just a politician. When we elect a Democrat we’re fearful and then we find out in the inaugural year they’re not as bad because presidents don’t really have as much power as people think they do. In this case I think we get that effect if Hillary Clinton is elected, but I think we also get the reverse of normal if Mr. Trump should win.”